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OCCIDENTAL PETROLEUM CORP /DE/ FILES (8-K) Disclosing Regulation FD Disclosure

September 3, 2014

Item 7.01 Regulation FD Disclosure.

California Resources Corporation (the "Company"), a wholly-owned subsidiary of Occidental Petroleum Corporation ("Occidental") (NYSE: OXY), announced today that it intends to offer $5.0 billion in aggregate principal amount of its senior notes in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the "Securities Act"). The offering will be made to eligible purchasers in connection with the Company's planned spin-off from Occidental and subject to market conditions. The Company expects the senior notes will be issued in three separate series maturing in 2020, 2021 and 2024, respectively. The notes will initially be fully and unconditionally guaranteed on a senior unsecured basis by all of the Company's material subsidiaries.

The Company intends to use the net proceeds from the private placement to make a cash distribution to Occidental.

The notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. The notes and the related guarantees have not been registered under the Securities Act, or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This Current Report on Form 8-K shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such states.

Portions of this Current Report on Form 8-K contain forward-looking statements and involve risks and uncertainties that could materially affect the Company's expectations. Actual results may differ from anticipated results sometimes materially. Factors that could cause results to differ include, but are not limited to: delay of, or other negative developments affecting the spin-off; inability to obtain new financing for the Company; regulatory approvals or receipt of an affirmative IRS ruling; completion of a review by the SEC of the Form 10 filed by the Company; execution of separation and intercompany agreements; approval of the final terms by our board of directors. Words such as "estimate", "project", "predict", "will", "would", "should", "could", "may", "might", "anticipate", "plan", "intend", "believe", "expect", "aim", "goal", "target", "objective", "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, the Company and Occidental do not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect the Company's expectations appear in "Risk Factors" of the Company's Form 10.



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Source: Edgar Glimpses

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